DKSH Holding AG (CH:DKSH)
:DKSH
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DKSH Holding AG
(DKSH)
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Rating:67Neutral
Price Target:
CHF69.00
▲(17.95% Upside)
Action:DowngradedDate:02/23/26
The score is driven primarily by stable but mid-range financial performance (thin margins and some 2025 volatility), supported by strong technical momentum and a generally constructive earnings call highlighting improving core EBIT and strong cash conversion. Valuation is acceptable rather than cheap, with the dividend yield providing partial support.
Positive Factors
Very strong cash generation
Sustained high cash conversion (95.2%) and positive free cash flow provide durable internal funding for M&A, dividends and deleveraging. This supports capital allocation discipline, reduces reliance on external financing and underpins shareholder returns over the medium term.
Negative Factors
Structurally thin margins
Consistently low operating and net margins limit the company's buffer against cost inflation or adverse cycles. Thin profitability means smaller absolute EBIT improvements are required to offset shocks, constraining long-term earnings resilience versus higher-margin competitors.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong cash generation
Sustained high cash conversion (95.2%) and positive free cash flow provide durable internal funding for M&A, dividends and deleveraging. This supports capital allocation discipline, reduces reliance on external financing and underpins shareholder returns over the medium term.
Read all positive factors
DKSH Holding AG (DKSH) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF3.83B
Dividend Yield4.14%
Average Volume (3M)92.63K
Price to Earnings (P/E)18.4
Beta (1Y)0.87
Revenue Growth2.66%
EPS Growth2.91%
CountryCH
Employees26,167
SectorGeneral
Sector StrengthN/A
IndustryConsulting Services
Share Statistics
EPS (TTM)1.71
Shares Outstanding65,042,960
10 Day Avg. Volume85,614
30 Day Avg. Volume92,626
Financial Highlights & Ratios
PEG Ratio-3.37
Price to Book (P/B)2.13
Price to Sales (P/S)0.34
P/FCF Ratio13.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF73.50Price Target Upside25.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.67
Revenue Forecast (FY)CHF11.27B
DKSH Holding AG Business Overview & Revenue Model
Company Description
DKSH Holding AG provides various market expansion services in Thailand, Greater China, Malaysia, Singapore, rest of the Asia Pacific, and internationally. The company offers sourcing, marketing, sales, distribution, and after-sales services. It op...
How the Company Makes Money
DKSH generates revenue through a diversified model primarily based on providing market expansion services to its clients. Key revenue streams include service fees for marketing and sales support, logistics and distribution services, and commission...
DKSH Holding AG Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive picture: DKSH delivered modest revenue growth, stronger core EBIT expansion (+6.7%), high free cash flow and exceptional cash conversion (95.2%), sustained margin progress and accelerated M&A activity while maintaining a progressive dividend policy. Operational improvements (notably CHF 35m logistics savings and AI pilots) and strong performance in Healthcare and Asia‑focused Performance Materials were notable strengths. Headwinds include Swiss franc translation effects (−3.1% sales, −5% EBIT), macro uncertainty and H1 softness, volatility in Performance Materials and near‑term delays in Technology investment. On balance the highlights and financial improvements significantly outweigh the lowlights.Positive Updates
Revenue Growth and Acceleration
Net sales increased 2.9% at constant exchange rates to CHF 11.1 billion in 2025, with stronger acceleration in H2 (3.6% growth) and organic net sales growth of 2.5% (H1 2.1% → H2 3.6%).
Negative Updates
Currency Headwinds
Appreciation of the Swiss franc had a meaningful negative translational effect: net sales negatively impacted by −3.1% and core EBIT by −5% compared with constant‑currency results.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth and Acceleration
Net sales increased 2.9% at constant exchange rates to CHF 11.1 billion in 2025, with stronger acceleration in H2 (3.6% growth) and organic net sales growth of 2.5% (H1 2.1% → H2 3.6%).
Read all positive updates
Company Guidance
DKSH’s guidance for 2026 is conservative but constructive: management expects core EBIT to be higher than the CHF 349 million reported in 2025 and reaffirms its midterm roadmap to expand core EBIT margins by at least 10 basis points p.a.; closed acquisitions are estimated to add ~0.8% to net sales in 2026 (with additional M&A upside expected from a strengthened pipeline after 9 deals announced in 2025), supported by leverage headroom of roughly 2x net debt/EBITDA and strong cash generation (2025 free cash flow CHF 215.5m; 95.2% cash conversion). Financial guidance ranges: tax rate 27–29% (2025: 28.7%), capital expenditure 0.3–0.4% of net sales, and a slight negative FX translation impact if December rates persist; the Board proposes an ordinary dividend of CHF 2.50/share (+6.4%), reflecting continued progressive capital allocation as the group leverages expected Asia Pacific GDP momentum (c.4.6% in 2026) and its resilient, asset-light model.DKSH Holding AG Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.07B | 11.09B | 11.07B | 11.32B | 11.11B |
| Gross Profit | 746.90M | 1.64B | 759.70M | 792.80M | 770.50M |
| EBITDA | 438.30M | 472.00M | 434.90M | 437.30M | 460.60M |
| Net Income | 202.90M | 214.80M | 182.00M | 201.10M | 223.90M |
Balance Sheet | |||||
| Total Assets | 5.50B | 5.85B | 5.47B | 5.88B | 5.35B |
| Cash, Cash Equivalents and Short-Term Investments | 538.40M | 609.10M | 687.20M | 636.40M | 673.70M |
| Total Debt | 942.30M | 839.80M | 958.20M | 1.01B | 587.10M |
| Total Liabilities | 3.68B | 3.97B | 3.73B | 4.05B | 3.46B |
| Stockholders Equity | 1.76B | 1.82B | 1.69B | 1.76B | 1.81B |
Cash Flow | |||||
| Free Cash Flow | 284.70M | 321.30M | 340.80M | 237.00M | 338.20M |
| Operating Cash Flow | 320.10M | 362.90M | 393.10M | 321.90M | 393.20M |
| Investing Cash Flow | -99.70M | -75.60M | -116.50M | -511.80M | -147.90M |
| Financing Cash Flow | -267.60M | -364.20M | -185.20M | 180.70M | -239.50M |
DKSH Holding AG Technical Analysis
Positive
58.50
Price Trends
57.43
Positive
55.84
Positive
55.44
Positive
Market Momentum
0.21
Negative
58.18
Neutral
39.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DKSH, the sentiment is Positive. The current price of 58.5 is above the 20-day moving average (MA) of 56.80, above the 50-day MA of 57.43, and above the 200-day MA of 55.44, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 58.18 is Neutral, neither overbought nor oversold. The STOCH value of 39.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:DKSH.
DKSH Holding AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | CHF4.75B | 19.27 | ― | 1.85% | -0.71% | -6.12% | |
67 Neutral | CHF3.83B | 18.40 | ― | 4.14% | 2.66% | 2.91% | |
67 Neutral | CHF16.41B | 25.22 | ― | 3.53% | 3.12% | 11.70% | |
64 Neutral | CHF6.11B | 25.28 | 22.69% | 1.82% | 8.15% | 12.24% | |
63 Neutral | CHF21.50B | 23.05 | ― | 4.81% | 6.54% | -10.57% | |
60 Neutral | CHF3.01B | 11.86 | ― | 4.46% | -4.68% | -5.79% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:DKSH
DKSH Holding AG
58.90
5.54
10.38%
CH:KNIN
Kuehne + Nagel International AG
181.10
12.57
7.46%
CH:SFSN
SFS Group AG
122.20
23.45
23.75%
CH:ADEN
Adecco Group AG
17.99
-2.36
-11.60%
CH:SGSN
SGS SA
84.50
12.63
17.57%
CH:VZN
VZ Holding AG
155.40
5.41
3.61%
DKSH Holding AG Corporate Events
DKSH Delivers Higher Core Earnings and Margins as M&A and Healthcare Drive Growth
Feb 17, 2026
DKSH reported 2025 net sales of CHF 11.1 billion, up 2.9% at constant exchange rates, with Core EBIT rising 6.7% to CHF 349 million and margin improving to 3.2%, marking a fifth consecutive year of margin expansion. Strong free cash flow of CHF 21...
DKSH Extends Great Place to Work Certification to 16 Markets and Joins Fortune’s Best Employers in Southeast Asia
Jan 27, 2026
DKSH has expanded its Great Place to Work certification to 20 entities across 16 markets in Europe and Asia Pacific, including major locations such as Australia, China, Malaysia, Singapore, South Korea, Switzerland, and Thailand. The company has a...
DKSH Names Natale Capri Sole Head of Performance Materials as Veteran Leader Retires
Jan 16, 2026
DKSH has reshaped the leadership of its Performance Materials business unit, appointing long-standing Co-Head Natale Capri as the sole Head of the unit and retaining him on the Executive Committee, while veteran executive Thomas Sul steps down fro...
DKSH Secures SBTi Approval for Ambitious Net-Zero Emissions Targets
Jan 13, 2026
DKSH has secured official validation from the Science Based Targets initiative (SBTi) for its near-term and net-zero emissions targets, confirming that its climate strategy aligns with current climate science and the goals of the Paris Agreement. ...
DKSH Expands in Vietnam with Biomedic Acquisition
Dec 17, 2025
DKSH has announced the acquisition of Biomedic Science Material Joint Stock Company, a prominent distributor in Vietnam’s biotechnology and diagnostic market. This strategic move aims to enhance DKSH Technology’s presence in the life s...
DKSH Expands in New Zealand and Australia with Invita Acquisition
Dec 11, 2025
DKSH has announced the acquisition of Invita (NZ) Limited and Invita Australia Pty Limited, enhancing its food and beverage business in New Zealand and Australia. This strategic move strengthens DKSH’s position in the Asia Pacific regionR...
DKSH to Fully Acquire and Delist Malaysian Subsidiary
Dec 9, 2025
DKSH Holding Ltd., a prominent Market Expansion Services provider, has announced its intention to take full control of its Malaysian subsidiary, DKSH Holdings (Malaysia) Berhad, by acquiring the remaining 25.7% of shares from minority shareholders...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.